I am starting a preforeclosure listing service in the New England area. What major information is most useful to add into the listings from the investors point of view.
What I usually need to know is:
Amount owed on property
Amount they are asking
Amount they bought it for and when
What rehab needs done if any
Reason they are in the position
From there it is on an individual basis based on the answers they provide. Ideally there should be at a minimum 30% equity in the deal, that isnt always possible, but that is ideal. If there is less then it limits what I can do with the property.
I'm unsure how you define "preforeclosure listings". Are you referring to the initial filing of the complaint??(Lis Pendens). If that's the case, then you would furnish the data available at the Recorder's office. You could supplement the data also available from the assessor's records. You may be able to combine the data with a location map application, perhaps a what's it worth website link. It all depends on the number, frequency of listings, and your subscrition fee.
Are there other "listing services" in R.I.? What data are they supplying and what desirable information are they not providing which would make your services more attractive.
Thanks for the posts, yes- I am starting with lis pendens with as much info as possible for each listing- My hope is to update a couple times a week or as frequent as possible. The listing service itself is a means of just saving time for the investors.
There are no services like this in the RI area, and I believe it to be a good opportunity as I learn more about investing myself.
In my experience in looking at these particular websites I have noticed that some of the information is not updated often enough. So every few weeks in Chicago is too long for a status on the property. From my perspective it is.
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What I usually need to know is:
Amount owed on property
Amount they are asking
Amount they bought it for and when
What rehab needs done if any
Reason they are in the position
From there it is on an individual basis based on the answers they provide. Ideally there should be at a minimum 30% equity in the deal, that isnt always possible, but that is ideal. If there is less then it limits what I can do with the property.
Hope that helps,
Kyle
I'm unsure how you define "preforeclosure listings". Are you referring to the initial filing of the complaint??(Lis Pendens). If that's the case, then you would furnish the data available at the Recorder's office. You could supplement the data also available from the assessor's records. You may be able to combine the data with a location map application, perhaps a what's it worth website link. It all depends on the number, frequency of listings, and your subscrition fee.
Are there other "listing services" in R.I.? What data are they supplying and what desirable information are they not providing which would make your services more attractive.
Thanks for the posts, yes- I am starting with lis pendens with as much info as possible for each listing- My hope is to update a couple times a week or as frequent as possible. The listing service itself is a means of just saving time for the investors.
There are no services like this in the RI area, and I believe it to be a good opportunity as I learn more about investing myself.
In my experience in looking at these particular websites I have noticed that some of the information is not updated often enough. So every few weeks in Chicago is too long for a status on the property. From my perspective it is.
[addsig]